All Forum Posts by: Dominic Richardson

Does it have city water/sewer? This size park I wouldn’t want to have either of those capex expenses looming. Then I’d sell the homes and switch to just land rent.

I believe so.

I didn't think about selling the homes and reningt out the land. What are the hurdles to making this switch, if any?

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Quote from @Logan M.:

Quote from @Dominic Richardson:

I am looking at a mobile home park that has (5) mobile homes on it.

Current cash flow is $557/MO - Cap Rate 6.9% and COC 18%.

Does this sound like a great opportunity? Looking for some feedback and thoughts. Thank you in advance.

I am worried that it is too small of a park to be worth it for you. What are the terms of the purchase?

Seller Financing

$275,000

5 year ballon, 30 amortization

3% interest

12% down

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Rachel - Thanks for the reply its very helpful. With those set aside, do you think the monthly cash flow, cap rate and coc numbers are good enough to make an offer on the property?

Quote from @Rachel H.:

@Dominic Richardson You probably need more information about the park in terms of any deferred maintenance and current upkeep yearly amount.

Also, the age of the mobile homes can limit your cash flow in the future. Just something to think about.

Hope that helps!

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I am looking at a mobile home park that has (5) mobile homes on it.

Current cash flow is $557/MO - Cap Rate 6.9% and COC 18%.

Does this sound like a great opportunity? Looking for some feedback and thoughts. Thank you in advance.

1 Vote

Quote from @Chris Seveney:

Quote from @Dominic Richardson:

Where do people go and network to find equity partner for real estate. I want to keep growing my portfolio and I’ve hit a road block finding funding to grow. I’ve heard of OPM and PML but where are these guy at to network with? Anyone out there in the same situation but found partners to grow their business.

go to local REIA groups.

Go on sites like propstream and look at who is funding fix and flippers

go to scotsman guide and American Association of PRivate lenders

There you will find people who may consider funding deals.

The key to getting a deal funded today is:

1. Experience

2. Your own money in the deal

3. Experience.

Thanks for the info!

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Quote from @Vince Craig:

Hey Bigger Pockets Family. I'm a local Realtor since 2005. Over the last year I've learned A TON about seller Financing. I'd love to share knowledge with the community AND learn and collaborate with you all! I look forward to connecting, Let me know if you have any questions or want to share anything, deals, knowledge, or simply want to connect. I am doing a Zoom meeting to talk about The Power Of Seller Financing in February if you're interested.

I would be interested in joining in your Zoom call. I’ve been actively looking for SF deals lately and what’s holding me back is the down payment. I’ve been looking for capital partners that want to partner up. Would love to connect .

5 Votes

Salt Lake City, Utah

@Caleb Rigby Thanks for sharing. Your post encouraging and I’m ready to get in the Real Estate Game! I’ve always wanted to buy real estate as an investment to rent out and to flip houses. I live in St. George and the market is crazy. One struggle that always stops me moving forward is financing. 🙄 what suggestions do you have for me to get my feet off the ground and past the financing a part? Thanks!

1 Vote

Kaden Its been over a year since you posted this but wanted to reach out to see if you had any luck finding and closing any deals? Sounds like we are both in the same boat. I’m always looking for a rental property. LMK

1 Vote

There is a property that I am interested in (4 hours always from me) that currently has renters in place. Should I go see the property before I make an offer/purchase?

I plan on getting a home inspection, but I don’t want to travel to see if since it’s already being rented.

Thoughts and suggestions?

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All Forum Posts by: Dominic Richardson

Dominic Richardson has started 21 posts and replied 52 times.

Post: Is this a good opportunity or no?

Post: Is this a good opportunity or no?

Post: Is this a good opportunity or no?

Post: Is this a good opportunity or no?

Post: Where to find an equity partner.

Post: Where to find an equity partner.

Post: The Power Of Seller Financing

Post: The way too early 2020 review post

Post: Looking for other investors in St. George Utah.

Post: Buying a rental without seeing the property?